Citadel Securities and Virtu Financial are reportedly building a cryptocurrency trading platform with the help of Fidelity Investments and Charles Schwab. “We know there is significant interest in this cryptocurrency space and we would like to invest in firms and technologies working to provide access in a strong regulatory focus and secure environment,” Schwab said.
Stronghold, Virtue, Fidelity, Schwab Building Crypto Trading Platform
Global market maker Citadel Securities and Virtu Financial are building a cryptocurrency trading platform with the help of retail brokerage giants Fidelity Investments and Charles Schwab, Bloomberg reported on Tuesday, citing people familiar with the matter.
The crypto product is still in its early development, the people said, adding that it could be available later this year or early next year.
Schwab spokeswoman Mayura Hooper said the brokerage giant has “made a minority, passive strategic investment in a new digital asset venture.” He added:
We know there is significant interest in this cryptocurrency space and we would like to invest in firms and technologies working to provide access in a strong regulatory focus and secure environment.
The spokesperson further revealed that his company currently has no plans to offer direct crypto trading. However, she added that “when there is further regulatory clarity,” the brokerage firm will “consider introducing direct access to the cryptocurrency.”
Citadel Securities founder Ken Griffin said in March that his company plans to market in crypto “in the coming months”.
A spokeswoman for Fidelity, Susan Coburn, told the publication that the financial services firm “supports efforts within the industry to provide the optionality to source liquidity for our clients.”
Fidelity said in April that it would allow bitcoin in 401(k) accounts. The announcement upset the US Department of Labor and many lawmakers.
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